Dharmendra Pradhan flags concern over increase in crude oil prices

New Delhi: Minister of Petroleum and Natural Gas and Steel Shri Dharmendra Pradhan today held a high level consultation meeting with OPEC Secretary-General H.E Dr. Mohammed Sanusi Barkindo. Shri Pradhan flagged concerns over the increasing crude oil prices and its impact on consumers as well as on smart economic recovery. He emphasised that high crude prices is adding significant inflationary pressure on India.

Both sides discussed recent oil market developments, trends in oil demand recoveries, economic growth forecasts and overcoming energy challenges among other issues of mutual interest. Shri Pradhan reiterated his request of phasing out production cuts and also emphasised that crude prices should remain within a reasonable band, which will be in the collective interests of both consumers & producers and will encourage a consumption-led recovery.

Shri Pradhan conveyed his deep appreciation to OPEC, Secretary-General HE Dr. Barkindo and to key partner countries—Saudi Arabia & the UAE, for their support to India during the second wave of the Covid pandemic, especially with supplies of medicines, ISO containers, LMO and vital petroleum products. He expressed happiness on OPEC’s analysis which shows that India will be the fastest-growing emerging market economy in 2021.

India has been expanding technical cooperation, exchange of experts and other collaborations with OPEC since the first High-Level OPEC-India Energy.